The company has the support of resources investor Hans Mende and owns about 28% stake in the Spur Hill underground coal project located in New South Wales, Australia.
Malabar Coal employed the services of Wilson HTM and RBS Morgans to manage the offer at A$1.00 for each share.
The company has plans to commence trading on the Australian Securities Exchange in March with A$85m ($87.33m) in market value, reported The Wall Street Journal.
Spur Hill contains an estimated 586 million tons of thermal coal, soft coking coal and semi-soft coking coal.
The company has a right to enhance its interest in Spur Hill to 80% and estimates production of nearly 8 million tons of coal annually from the project with first coal expected in late 2017.
Following the share offering, Mende will own the majority individual shareholding of 11.8% in Malabar Coal.
